October 29th, 2010, Fairfax, VA—Americans for Limited Government (ALG) President Bill Wilson today issued the following statement demanding a special prosecutor be appointed to investigate whether $32 million of loans given by Bank of America to the Democratic National Committee and the Democratic Congressional Campaign Committee were illegal campaign contributions, as reported by Pajamas Media:
"It appears next to no collateral was put up by the Democrat committees that received $32 million in loans from the Bank of America, calling into question whether these 'loans' were actually illegal campaign contributions from a bank that has benefited from Democrat rule of government. The collateral offered by the DNC was a donor list, which are tough to appraise on their own, but if the $15 million credit line to that committee was not based on an independent appraisal of the list, it was an illegal contribution from a bank holding company. As for the DCCC $17 million loan, the collateral is unspecified.
"Thus far, the Bank of America has not confirmed there were any independent evaluations of the collateral submitted by the Democrat committees, despite responding to the Pajamas Media story at length.
"Particularly, given the recent pressure placed on the Bank of America over proper foreclosure documentation, it is perfectly reasonable to ask if these were actually pay-to-play loans to call off a potential government moratorium on all foreclosures?
"It is now up to a special prosecutor to be appointed to subpoena all of the relevant records, call witnesses to testify, and prosecute any infractions of campaign finance law. Bank holding companies have too cozy a relationship with the nation's central bank to be allowed to turn around multi-million dollar sweetheart loans to incumbent political party committees. This is above all heinous since the Bank of America has been on the receiving end of tens of billions of dollars of bailouts from taxpayers and the Federal Reserve."